Contingency/suspense deposits
The Madras High Court in 308ITR154 held that amount collected as contingency deposits for payment of possible tax liability would…
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Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
New product development expenses
The assessee in the books had capitalized the expenses on new product development and that proved to be fatal when…
......Read MoreIncomes under dispute
The Hyderabad bench of the ITAT in G V Narasa Reddy v. ITO( 125taxman) held that if there is any…
......Read MoreCardinal principle of business deduction
The Supreme Court in National Co-operative Development Corporation v CIT in ITA Nos 505-07 of 2009 dated 11.9.20 held that…
......Read MoreAO is expected to investigate a transaction for commercial prudence
On the question of commercial prudence in any transaction of grant of ICDs/loans to related parties at a rate of…
......Read MoreCapital or Revenue Expenditure
The Delhi High Court in the case of Dalmia Dairy Industries Ltd. v. CIT (107TAX544) held that despite the fact…
......Read MoreAdhoc Provision
In the case of Hukumchand Jute & Industries Ltd. v. CIT (107TAX596) the assessee followed the mercantile basis of keeping…
......Read MoreRemission of Trading Liability
Following the full bench decision of the Apex Court in the case of CIT v. Bharat Iron & Industries (199ITR67/70TAX353)…
......Read MoreInterest Free Advance to Sister Concern
Under section 260A inserted by the Finance (No. 2) Act, 1998 an assessee can directly appeal to the High…
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